Central Bank presents new currency

23 May 2018: The CBA presented commemorative coins dedicated to the 95-year anniversary of the founder of our independent state, the National Leader Heydar Aliyev and the 100 year anniversary of the Azerbaijan Democratic Republic (ADR) and a new 200 manat note.

Opening the event Elman Rustamov, Governor of the CBA told that the national currency is one of the key attributes of state independence. Although the issue of Azerbaijani manat into circulation in 1992 was a big deal, initially it was not the only legal tender. With the 11 December 1993 Decree by the National Leader Heydar Aliyev manat became the only legal tender in the country and the country left the ruble zone. The 1995 Constitution once again announced the manat as the only legal tender.

Under Decree of President of the Republic of Azerbaijan of 7 February 2005 manat was denominated on 1 January 2006 followed by the issue of new generation currency into circulation. A ‘single family’ concept based new banknotes and coins reflected independence of Azerbaijan across all areas, our old history, rich culture, national and moral values, and dynamic growth of the years of independence.

Our national currency remains relevant in terms of aesthetic appearance, conceptual motif and modernity despite 12 years having passed since that time. The CBA always focuses on modernization of security features of the national currency taking into account today’s cash related challenges.

The Bank decided to issue the new 200 manat note into circulation in view of dynamic growth of the country economy over the recent decade, and changes in the structure of cash in circulation, as well as to make cash handling highly efficient. The US Crane Currency won the contest on development of the new currency design. The currency, that incorporates progressive security features, was manufactured in the Giesecke+Devrient.

E.Rustamov noted that today the CBA is issuing into circulation a 200 manat note whose motif is the ‘Heydar Aliyev Center’ constructed to the memory of the architect of independent Azerbaijan, the National Leader Heydar Aliyev. The new banknote features the majestic image of the Heydar Aliyev Center, one of the most contemporary symbols of our capital, the main exterior and interior design elements, elements of national carpet samples, and other national ornaments.

E.Rustamov further presented a commemorative coin developed to perpetuate the 95 year anniversary of the National Leader Heydar Aliyev. He highlighted that there is a symbolic tie between the jubilees of Heydar Aliyev and the ADR – a long period of recent 100-year development of Azerbaijan is linked to Heydar Aliyev. First years of leadership of Azerbaijan by the National Leader Heydar Aliyev went down to history as the years of strong foundation of economic independence.

The National Leader came to power at the insistence of the people on the backdrop of serious threats to the country independence early in 90s of the last century – he restored national solidarity over a short period, and started radical reforms to reinforce statehood and launch the market economy. The key economic priority – macroeconomic stability was safeguarded. A new management mechanism was rebuilt aided by establishment of new institutions.

Large-scale actions yielded economic growth boosting the population’s standard of living.

Radical reforms of that period needed to be accompanied with strong financial boom. One of the most critical steps taken by the National Leader under complicated historical circumstances was signing of the ‘Contract of the Century’ as part of the oil strategy. The latter became a crucial factor in future growth and development of the country.

The National Leader’s returning to power was a turning point in formation and development of the financial system. Adopted programs resulted in remediation of the banking system, in parallel to consolidation and restructuring the number of private banks was optimized.

Ilham Aliyev, the worthy successor of the National leader, achieved ‘golden growth decade’ on the basis of economic potential created by the National Leader’s herculean task. The catch up growth doctrine starting from 2003 resulted in 3.3 times growth of the national economy. Rapid growth elevated the population’s standard of living – poverty reduced by 9 times over one decade. Strategic foreign exchange reserves increased by 27 times to USD44 billion. Doubtlessly, Azerbaijan is the most competitive country in the CIS according to the Global Competitiveness Report.

The people gave another confidence mandate to Ilham Aliyev saying ‘YES’ to independent policy and a substantial reform course at recent presidential elections. There is no doubt that the nation which is the owner of its destiny will attain all targets under the guidance of the Leader.

E.Rustamov drew to the attention of event participants that Heydar Aliyev’s 95 year anniversary is being celebrated across the country decently. The CBA always attaches great importance to perpetuating the name of the National Leader. It has been a good tradition to issue commemorative coins dedicated to the National Leader. The CBA issued into circulation a series commemorative coins dedicated to 80, 85 and 90-year anniversary of the National Leader made of various metals, highly welcomed by the public, local and foreign numismatists.

Today the CBA again proudly announces the issue into circulation of a commemorative coins dedicated to the 95-year anniversary of Heydar Aliyev. The weight of the commemorative coin is 1 troy ounce (31.1 gr), it is a combination of high karat gold and platinum – gold.

The coin features state attributes of Azerbaijan, and ornaments widely used in architecture and grating. The front of the coin depicts the National Leaders portrait made of gold and platinum on the background of a tactile State Flag, while the back features the Coat of arms.

E.Rustamov also presented a commemorative coin dedicated to the 100-year anniversary of the ADR. Honorable President Ilham Aliyev signed decrees on decent celebration of the 100-year anniversary of the ADR announcing this year the year of the ADR, which manifest huge appreciation of our history and past on a state level.

The CBA is issuing into circulation a commemorative coin dedicated to the 100-year anniversary of the ADR to memorialize this significant history. The weight of the coins is 1, ¾ and ½ troy ounce made of high karat gold.

The front of the coin depicts a symbol of freedom – the sun, the map of the Republic of Azerbaijan, a fragment from our national anthem on it, a graphic design of the national flag, the date of establishment of the ADR and doves released from a chained cage as victory of our struggle for independence. The back of the coin features the Coat of arms, a crescent and an eight-pointed star and ornaments widespread in grating.

Both commemorative coins were minted at the “The Royal Mint” of Great Britain.

E.Rustamov expressed his assurance that the presented coins will take a special place in collections of world numismatists. He completed his speech with the words that Heydar Aliyev’s school of statehood will further on be an ideological core in progress of independent Azerbaijan for decades. A worthy successor of this heritage – our President Ilham Aliyev will successfully lead Azerbaijan to bright future with his modernist vision.

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